CALGARY, Alberta, March 20, 2020 (GLOBE NEWSWIRE) — DIVERGENT Energy Services Corp. (“DIVERGENT” or the “Company“) announces the following changes to its Board of Directors.
APPOINTMENT OF EXECUTIVE CHAIRMAN
The Company announces that Ken Bagan has stepped down as Chairman of the Board and has been appointed as Lead Director. Cameron Barton, has been appointed as Executive Chairman of the Board. In the role of Executive Chairman, Mr. Barton will assist management with stakeholder relations, financial management and structuring, tax planning, corporate financing and strategic growth initiatives. Mr. Barton commented “We sincerely thank Mr. Bagan for his substantial contributions as a Director since 2012 and as Chairman since 2016.”ADDITION OF NEW BOARD MEMBER
The Company is also pleased to announce the appointment of Geoff Bury to its Board of Directors.Mr. Bury is a senior executive with over 30 years of domestic and international experience and who has been involved in a wide range of strategic planning, finance, operations, project management and stakeholder communication roles throughout his career. His experience spans both public and private companies operating in a variety of industries including oil & gas exploration and production, oilfield services, petrochemical, environmental and manufacturing.Mr. Bury is a founder, a Director and the Executive Vice President of Maribo Resources Ltd., an oil & gas exploration company focused in the Caribbean. Previously, he was the Managing Director of Wentworth Resources Limited (“Wentworth”), a company listed on the London and Oslo stock exchanges with operations in Tanzania and Mozambique. Under his leadership, Wentworth became one of the prominent gas producers in East Africa. Prior to that he was the Chief Financial Officer for Voyager Energy and Trans-Dominion Energy, both international E&P companies, as well as the Finance Manager of Qatar Fuel Additives Company, a world-scale methanol and MTBE production facility. His experience traverses the globe including management of projects in North America, the Caribbean, Middle East and Africa.Mr. Bury is a member of the Institute of Corporate Directors and a Chartered Professional Accountant. Mr. Bagan made the following comment: “We are pleased to have Geoff join the Board of Directors as he brings a broad range of experience which will be valuable as Divergent as it considers various alternative growth initiatives.”DIRECTOR RETIREMENT AND CHANGE TO AUDIT COMMITTEE
The Company announces that Martin Hall, a Director since March 2013, does not intend to stand for re-election at the next Annual General Meeting (“AGM”). The Corporation also announces its intention to appoint Mr. Bury as Chairman of the Audit Committee after the upcoming AGM.SUMMARY OF COMMITTEE COMPOSITIONS
As a result of the changes announced above, the Committees of the Board of Directors have been reconstituted as follows:Audit CommitteeMartin Hall – ChairmanGeoff BuryRob RieckenCorporate Governance and Nominating CommitteeKen Bagan – ChairmanDon LuftCameron BartonHuman Resources and Compensation CommitteeRob Riecken – ChairmanKen BaganGeoff BuryHealth, Safety and Environment CommitteeDon Luft – ChairmanRob RieckenKen BergFor Further Information:
Ken Berg, President and Chief Executive Officer, [email protected]
Lance Mierendorf, Interim Chief Financial Officer, [email protected]ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, Divergent provides Artificial Lift products and services that are used in the oil and gas industry. Product lines including Electric Submersible Pumps, Electric Submersible Progressing Cavity Pumps, and the ongoing development of an Electromagnetic Pump technology.The Company’s head office is located at Suite 2020, 715 – 5th Ave SW, Calgary, AB T2P 2X6.
Phone: (403) 543-0060 Fax: (403) 543-0069 Website: www.divergentenergyservices.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. (Not for dissemination in the United States of America)
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